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36 sats \ 2 replies \ @istealkids OP 27 May \ parent \ on: 🤮 The Cost Disease: Why Progress Makes Services Pricier econ
The real genius of Baumol’s theory isn’t that the violinist wants a raise, it’s that she can get one because someone in tech just tripled productivity and flooded the economy with surplus capital.
Let me ask you a question (out of the context)
An orchestra of 120 men take 60 minutes to complete a song.
How much time will 2 men take to complete it?
The flip side, which is plausible, is that the violinist's wage could decrease because the labor market is flooded with workers displaced by new technology, some of whom can play violin well.
Presumably, it takes the two men 60 minutes to complete the song, as well. It just won't sound very good.
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The flip side, which is plausible, is that the violinist's wage could decrease because the labor market is flooded with workers displaced by new technology, some of whom can play violin well.
yeah I didn't think of that 😂
Presumably, it takes the two men 60 minutes to complete the song, as well. It just won't sound very good.
You're the first person in 1 week to not fall in my trap :)
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